Nutrastar International Inc. is a nutraceutical company engaged in the production and distribution of Chinese Golden Grass based organic and specialty food products. Chinese Golden Grass is one of the most highly regarded and sought after nutrients in Chinese Culture. Nutrastar is the worlds largest producer. -Operations are based in Harbin, the capital of Heilongjiang Province and the 10th largest city in China (population 10 million) -302 employees-with 21 in R&D and 132 in sales and marketing -Distribution network covers more than 10 provinces in China

1. Research Report for Nutrastar
International Inc. (NUIN)
by China Growth Partners Inc.
June 15, 2010
1

2. Safe Harbor Statement
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
Any statements set forth herein that are not historical facts are forward-looking statements
that involve risks and uncertainties that could cause actual results to differ materially from
those in the forward-looking statements.
Potential risks and uncertainties include, but are not limited to, such factors as
unanticipated changes in product demand, interruptions in the supply, downturns in the
Chinese economy, changes in applicable laws and/or regulations, and other information
detailed from time to time in the Company's filings and future filings with the United States
Securities and Exchange Commission. Accordingly, although the Company believes that the
expectations reflected in such forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct.
2

3. Disclaimer & Disclosure
China Growth Partners Inc. is not an investment advisor and this material is not a solicitation
or recommendation to buy, sell, or hold securities. All statements and opinions contained in
this presentation are the sole opinion of the authors and are subject to change without
notice. We are not liable for any investment decisions made based on this presentation.
All statements and opinions contained in this presentation are based on public information
and information from resources that we believe to be correct. We disclaim any and all
liability as to the completeness or accuracy of the information and for any omissions of
material facts not made known to us. Investing in equities involves risk and you can lose
some or all of your investment. This investment may not be suitable for all investors.
Investors should consider their specific investment goals, objectives and risk tolerance before
investing. Consult an investment advisor or financial planner prior to making any investment
decision.
China Growth Partners Inc. has been hired by American Capital Ventures who has been
engaged for investor relations by Nutrastar International. China Growth Partners Inc. has
received $20,000 USD in compensation for this presentation. As per our preferred business
model, China Growth Partners Inc. is investing 50% ($10,000 USD) of our fee in shares of
NUIN.OB in the open market and will hold those shares for a minimum of 12 months from
the date of this presentation. After such time, China Growth Partners Inc. may retain or sell
its shares at its sole discretion. American Capital Ventures has hired China Growth Partners
Inc. to provide opinions for other issuers. 3

4. Contents
• Company Overview
• Key Investment Points
• About Chinese Golden Grass / Company Products
• Global Market for Chinese Golden Grass
• Barriers to Entry by Competitors
• Patented Processes
• Products
• Sales and Distribution
• Margins
• Revenue Breakdown
• Growth Trends
• Balance Sheet
• 2010 Outlook
• New Product Launches
• Distribution Expansion
• Management
• Summary and 12 Month Price Target
• Contacts
4

5. Overview
Nutrastar International Inc. is a nutraceutical company engaged in the production and
distribution of Chinese Golden Grass based organic and specialty food products.
Chinese Golden Grass is one of the most highly regarded and sought after nutrients in
Chinese Culture. Nutrastar is the worlds largest producer.
Operations are based in Harbin, the capital of Heilongjiang Province and the 10th largest city
in China (population 10 million)
302 employees- with 21 in R&D and 132 in sales and marketing
Distribution network covers more than 10 provinces in China
Ticker: NUIN Market Cap: $45.8M USD Legal: Pillsbury Winthrop
Fiscal Year End: Dec. 31st 2009 Revenue: $15.3M USD Shaw Pittman LLP
Recent Price: $3.15 (on 6/10/2010) 2009 Net Income $7.7M USD New York, NY
52 Week Range: $1.01-$5.00 2009 EPS: .58 Auditor: AGCA, Inc.
Shares Outstanding: 14,312,731 Trailing PE: 5.3 Arcadia, CA
Cash Flow From Operations: $9.3M USD
5

6. Overview
Corporate Structure
Nutrastar International Inc.
(Nevada)
100%
New Zealand WAYNE’S New Resources
Development Co., Ltd. (BVI)
100%
Heilongjiang Shuaiyi New Energy
Development Co., Ltd. (PRC)
100% 100%
Harbin Shuaiyi Green &
Daqing Shuaiyi Biotech
Specialty Food Trading
Co., Ltd. (PRC)
LLC (PRC)
6

7. Key Investment Points
Investment Highlights
• Leadership Position
– Worlds largest Golden Grass planting base
– 19% market share in China for Golden Grass products
– Annual production capacity of 55 tons & expanding to 65 by end of 2010
• Global demand estimated to be 5x greater than China’s total production capacity
• High barriers to entry (patented biotechnology used in cultivation process, with additional patents
pending)
• Extremely high margins (70.2% for2009, increasing to 77.9% in the first quarter of 2010 )
• 66% management ownership
• Strong Research and Development program in cooperation with the China Institute of Science
• Expansion of sales and distribution network currently underway
• Strong balance sheet with $23.3M USD cash
• Steady cash flow from operations ($9.3M USD in 2009)
• Very low Accounts Receivable balance/many customers pay cash upfront
• 2010 “make good” net income $9M USD
• 2011 “make good” net income $11M USD
7

8. Chinese Golden Grass
Chinese Golden Grass, (Cordyceps Militaris), is a species
of parasitic fungus that is typically found in the north-
eastern mountains of China. It is a precious ingredient in
TCM (Traditional Chinese Medicine) as it is widely believed
to offer high medical and health benefits by nourishing
the yin, boosting the yang, and improving lung and kidney
function. Both Eastern and Western research has shown
that Cordyceps Militaris may boost the immune system
and can be used as a supplement for the treatment of Chinese Golden Grass
hypertension, in the treatment of certain cancerous Cordyceps Militaris
tumors, and has been used in treating arteriosclerosis and
gastrointestinal disorders.
In addition to TCM compounds, Chinese Golden Grass is used in organic and specialty foods,
beverages, and other products in China.
An October 2009 research report by the Freedonia Group states that demand for
nutraceutical ingredients worldwide is projected to advance 6.2 percent annually to $21.8
billion USD in 2013. Moreover, the report emphasizes that China and India will emerge as
the most rapidly expanding nutraceutical ingredient markets as strong economic growth
allows them to upgrade and diversify food, beverage and drug production capabilities. 8

9. Global Market
Wild Cordyceps Militaris (Chinese Golden Grass) can cost as much as
$10,000 USD per kilogram according to Georges M. Halpern’s Healing
Mushrooms. Due to a large and growing demand for Chinese Golden
Grass, wild strains have been severely depleted and harvesting is no
longer permitted without government approval.
Global Markets for Chinese Golden Grass are mainly in the United States,
Canada, Japan, Korea, Hong Kong and Southeast Asia. The European and
Australian markets are also emerging.
According to Market Survey of Cordyceps Militaris 2008, published by The
China Market Monitoring Center, the current international market demand
for Cordyceps Militaris is about 1,000 tons a year while Chinese domestic
market demand is about 500 tons/year with an annual growth rate of over
13%. With about 50 Cordyceps Militaris manufacturers in China having an
aggregate production capacity of only 250 tons/year, demand is running 2X
greater than supply in China.
As a result of this tremendous demand , management has reiterated their
confidence to China Growth Partners in meeting the $9M USD and $11M
USD in net income targets for 2010 and 2011 respectively. 9

10. Barriers to Entry
Nutrastar is the market leader in China with a 19% market share, and operates the world’s
largest single source for cultivated Cordyceps Militaris according to the company’s filings.
Multiple Barriers for Competitive Entrants:
 Extremely sensitive growing conditions- very difficult to grow in a man-made
environment
 Nutrastar developed the patented technology to commercially grow and produce
Cordyceps Militaris
 Existing competitors are small-sized local producers with much lower production capacity
and less advanced growing and production technology
As a result of the difficulty in cultivating Chinese Golden Grass, the extreme rarity of wild
strains with government regulations against harvesting them, and Nutrastar’s market leading
position with patents and patents pending in it’s cultivation, barriers to entry for new
competitors are strong and margins should remain high*.
*Gross margins averaged 70.2% for 2009 and increased to 77.9% in Q1 of 2010 10

11. Patented Cultivation
Nutrastar’s highly successful cultivation process is patent-protected.
1 2 3
Major Ingredient: Minor ingredient: Wild strains:
Mainly wheat, rice, etc. Culture fluid formulation Artificially selecting wild strains
Shaking table: Special steamer: 5
4 Culture fluid formulation and wild strains Plant strains into the culture medium after high
placed into the shaking table & propagated temperature sterilizing.
Inoculation: Spawn running: 7
6 Propagated strains are placed into the Propagated strains require spawn running with
culture medium. and without light. After about 30 to 35 days, the
myceliums are mature.
9
Cultivation: Harvest:
8 Period of growth in the presence of light at After growing about 30 days, it's harvested.
a certain temperature and humidity.
11
10 Drying: Packing:
The harvested fresh Golden Grass is dried Dried grass is packaged in small packages and
sold over the market counter. Other dried grass
is packaged in large packages and sold to
pharmaceuticals companies as raw materials. 11

12. Products
1) Chinese Golden Grass: Cultivate, process, market and distribute to:
Raw Material: Pharmaceutical companies
Retail stores: drug stores, supermarkets, and franchise stores
2) Organic and Specialty Food (wholesale distribution):
Sales agent or distributor for third-party producers.
Largest wholesale distributor of organic and specialty
food in Heilongjiang Province (population 37 million)
3) Specialty Beverage Products (derived from Chinese Golden Grass):
Commercial launch slated for first half of 2010
(See New Product Launches slide for more information on what could
be a blockbuster product launch for Nutrastar this year)
12

13. Sales & Distribution
Major distributors located in Shangdong, Currently has 115 dedicated sales personnel
Zhejiang, Guangdong, Sichuan, Shang Xi and 9 major distributors covering 10 provinces
province and Beijing, with access points in China delivering:
throughout China.
1) Large-pack products to pharmaceutical
companies
Heilongjiang
2) Small-pack products to drug stores,
supermarkets and franchise stores
Beijing
Major distributors located in Shangdong,
Shandong
Zhejiang, Guangdong, Sichuan, Shang Xi
Jiangsu
province and Beijing, with access points
Shaanxi
Shanghai
throughout China.
Sichuan
Hubei
Chongqing Zhejiang
Hunan Direct sales staff and distributors participate in
Fujian
large trade shows and offer seminars and
Guangdon
g lectures to local communities
13

14. Extremely High Margins
90% Gross Margins
78%
80% 70%
70% 62% 65%
60%
50% 44%
40%
30%
20%
10%
0%
2006 2007 2008 2009 Q1 2010
China Growth Partners expects margins to remain high as launch of Specialty Beverage
Products and other higher margin small-pack products are distributed to drug stores,
supermarkets, and franchise stores.
14
Past performance does not necessarily predict future results.

15. Revenue Breakdown
2009 Revenue 1st Quarter 2010
Chinese Golden Grass Chinese Golden Grass
Organic & Specialty Foods Organic & Specialty Foods
11%
21%
79% 89%
2009 Golden Grass Sales
Raw Material Retail Stores Management: “We anticipate incremental
revenue and earnings growth of our higher
margin Chinese Golden Grass products .”
29%
71%
15

16. High Growth Trends
Nutrastar experienced impressive growth during the weakest global economy in decades.
Demand for Chinese Golden Grass only increased during this period.
$16.0 Revenue and Net Income in Millions of USD $15.3
$14.0 $13.0
$12.0
$10.0 $9.2
$7.7
$8.0
$5.2 $5.8
$6.0 $4.3
$4.0
$1.7
$2.0
$0.0
2006 2007 2008 * 2009
Revenue (in millions of USD) Net Income (in millions of USD)
*Excludes one-time non-cash merger costs of $2.1 million USD in Fourth Quarter 2008
16
Past performance does not necessarily predict future results.

17. High Growth Trends
Nutrastar International has experienced high growth from 2007-2009. Average period
revenue growth was 30%, average gross profit growth was 38.5%, average net income
growth was 22%, and average growth in income from operations was 31.5%. Net cash
from operating activities has grown by a very impressive 43.5% in the period.
Revenue, Gross Profit, Net Income, Income from Operations, and Net Cash Provided by Operating Activities below all in millions of USD.
2007 2008 Growth 2008 2009 Growth
Revenue $9.2M $13M 41% $12.9M $15.3 18%
Gross Profit $5.7M $8.4M 47% $8.4M $10.8M 28%
Net Income $5.2M $5.8M* 11.5% $5.8M* $7.7M 33%
Income From Operations $5.2M $6.7M 30% $6.7M $8.9M 33%
Net Cash Provided by $4.5M
* Excludes $2.1M in one-time non-cash$6.5M in 2008 related to the merger
$6.5M 44%
charges
$9.3M 43%
Operating Activities
EPS (fully diluted) ----- ----- ----- .49* .58 20%
*Excludes one-time non-cash merger costs of $2.1 million in Fourth Quarter 2008
Projected 2010 Growth:
Q1 2010 Net income was approximately $2.72 M USD, a 25.3% increase over the same
period last year and puts the company well on track to meet their $9M USD in net income
target for 2010. EPS in Q1 was .19/share.
17
Past performance does not necessarily predict future results.

18. Low AR Balance
Most Chinese pharmaceutical and nutraceutical companies have large Accounts Receivable
balances that sometimes carry over quarter to quarter, with long DSO (Days Sales Outstanding)
periods.
Nutrastar has an Accounts Receivable balance that is the lowest China Growth Partners has
seen in China’s nutraceutical sector. For 2009 the company reported $15.3M USD in sales, and
the AR balance on 12/31/2009 was a mere $215,000.
This extremely low AR balance is because many customers pay up front with cash for
Nutrastar’s products. China Growth Partners believes this fact confirms the market’s large
supply-demand imbalance for Nutrastar’s products.
The market supply leadership position (and power) that Nutrastar has can be seen in their
continually low AR balances, the willingness of customers to pay cash in advance for their
products, and gross margins > 70%.
18

19. Strong Balance Sheet
March 31 December 31
Balance sheet very strong with $23.3M cash, total liabilities $10.4M, 2010 2009
current ratio 2.3, $19.6M in retained earnings, and very low AR balance. ( Unaudited ) ( Audited )
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 23,289,425 $ 20,115,677
Accounts receivable, net 367,966 215,486
Inventories 538,700 616,073
Prepayments and other receivables 10,971 251,235
Total current assets 24,207,062 21,198,471
OTHER ASSETS
Intangible assets, net 2,638,241 2,747,402
Property, plant and equipment, net 10,261,227 10,396,507
Total assets $ 37,106,530 $ 34,342,380
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 55,599 $ 863
Other payables and accruals 430,056 453,504
Payable for intangible asset 878,953 878,709
Income tax payable 277,183 319,873
Due to related parties 49,807 49,794
Acquisition payable 8,736,833 8,736,833
Total current liabilities 10,428,431 10,439,576
Total liabilities 10,428,431 10,439,576
Common stock, $0.001 par value, 190,000,000 shares authorized, 14,312,731 and 14,297,731 shares issued and outstanding 14,313 14,298
Additional paid-in capital 4,761,251 4,715,891
Statutory reserves 1,344,401 1,341,687
Retained earnings 19,576,360 16,858,012
Accumulated other comprehensive income 981,774 972,916
Total shareholders' equity 26,678,099 23,902,804
Total liabilities and shareholders' equity $ 37,106,530 $ 34,342,380
19

20. 2010 Outlook
Management has made positive statements for 2010 growth:
“During 2010, Nutrastar plans to further increase total revenue generated through sales of
Chinese Golden Grass, both through increased sales of product processed and packaged
for the consumer marketplace, as well as sales of raw material to the pharmaceutical
industry. The Company expects that further product awareness, widespread availability
and increased health awareness among Chinese consumers will drive consumer adoption
and sales for the Company's Golden Grass.”
and…
“A major initiative of Nutrastar's future growth strategy is the introduction of new, value-
added products targeting multiple downstream markets, including mass consumer,
nutraceutical and pharmaceutical markets. After successfully introducing the small
package consumer cordyceps products, the Company's growth plan during 2010 will
include introducing a new branded specialty beverage product known as "Golden Grass
Energy Drink". Commercialization of Golden Grass Energy Drink is scheduled for the
second quarter of 2010, targeting affluent, professional, athletic and elderly consumers.
In support of its growth strategies, Nutrastar plans to increase annual production capacity
from its current capacity of 55 tons to 65 tons by the end of 2010.”
20

21. New Product Launches
2010 will be an exciting year for Nutrastar International with the launch of their new
Specialty Beverage Product as well as a new Cordycepin Compound.
“Golden Grass Energy Drink”
This specialty beverage targets affluent, professional, athletic and elderly
consumers. Marketable health benefits include enhancing immunity,
reducing fatigue, and increasing circulation.
Golden Grass Energy Drink
Cordycepin Compound
Eastern and Western studies agree that Cordycepin is an agent that has
shown promise in cancer research (specifically in tumor size reduction)
and in boosting the immune system.
Investors may wish to search the Internet for “Antitumor effects of
Cordycepin”, “Cordycepin and Cancer”, and “Cordycepin and Immune
Cordycepin
System” to appreciate the potential of this new compound for Nutrastar.
Chemical Name: 3'-Deoxyadenosine
21

22. New Product Launches
China Growth Partners believes the launch of the “Golden Grass Energy Drink” has the
potential to add substantial revenues and income to the company in 2010-2011.
The target market is more affluent, professional/upwardly mobile consumers and the rapidly-
growing middle class that are turning China into more of a consumer-based economy.
China’s consumer market is on track to become #1 in the world.
Credit Suisse expects China’s share of global consumption to increase from
5.2% at $1.72 trillion USD to 23.1% at $15.94 trillion USD by 2020, overtaking
the US as the largest consumer market in the world. (click to article)
As China’s rural population moves into urbanized areas, “stress and fatigue”
have been reported by 88.9% of respondents in an April 2010 Beijing-based
survey. (click to article)
Nutrastar’s “Golden Grass Energy Drink” will be marketed as a fatigue-
fighter to one of China’s most fastest growing demographics: The
increasingly stressed and fatigued new middle class.
22

23. Distribution Expansion
Currently expanding to a nationwide reach The company’s previous sales depended
for rapid growth in sales. heavily on the sales of large-pack products to
pharmaceutical companies.
To support rapid growth in sales and revenue,
Nutrastar plans to expand their distribution
Heilongjiang
network by selling small-pack, higher margin
products through drug stores, supermarkets
Beijing
and franchise stores.
Shandong
Nutrastar maintains constant communications
Shaanxi
Jiangsu
with distributors to stay informed regarding
Sichuan
Hubei
Shanghai
consumer preferences and market trends in
Chongqing Zhejiang
Hunan order to develop new products, and organize
Fujian
monthly product promotion meetings with
Guangdon
g distributors to increase sales of small package
products.
23

24. Strong Management
Experienced, strong management team.
Management ownership in NUIN is approximately 66%.
Ms. Lianyun Han---Chief Executive Officer, President and Chairperson, with over 10 years
experience in green and organic food business; Shuaiyi Group Founder, Chief Executive
Officer, President and Chairperson; Heilongjiang Daily Reporter, Director, Senior
economist; Harbin University Bachelor Degree.
Ms. Xue Wang---CFO, was a financial executive at Harbin Zhongchang Clean Energy
Development Co., Ltd., a company engaged in the recycling energy business. Ms. Wang
joined our subsidiary Heilongjiang Shuaiyi New Energy Development Co., Ltd. in 2007 as
Financial Manager and became Financial Controller in 2009. She holds a Bachelor's
degree in Accounting from Harbin University of Commerce.
Mr. Lichen Wang,---CTO, Shuaiyi Group Chief Technology Officer, Institute of Edible Fungus of
Three provinces in Northeast China Technician, Deputy Director: Heilongjiang August 1st
Land Reclamation University Bachelor Degree majored in Edible Fungus.
Mr. Hongbing Hua,---CMO, JDB Group Planning General Counsel, instrumental in Wang Lao
Ji Herbal Tea becoming a nationwide beverage brand; Beijing Huiyuan Beverage and
Food Group Co., Ltd. Vice President & Planning Director, instrumental in Huiyuan
becoming the No.1 juice brand in China since 2001.
There is no family relationship between Xue Wang and Lichen Wang.
24

25. Summary & Price Target
China Growth Partners finds Nutrastar International extremely undervalued at the current
trading price and assigns a 12 month price target of $6.30/share based on the following:
 Market leader and world’s largest producer of Low AR balance, cash customers, confirms strong
Chinese Golden Grass demand for products
 High barriers to entry for potential competition High margin “Golden Grass Energy Drink” launch
imminent
 Extremely efficient, patented cultivation process
 Management has repeated to us their
 Very high margins likely to continue with launch confidence in “Make Good” targets of $9M in net
of higher margin products income for 2010 and $11M in net income for 2011
 High management ownership (66%)  China Growth Partners expects fully diluted
earnings per share for 2011 to be .61-.65, (at
 Strong balance sheet with $23M cash on hand minimum), and assigns a pe multiple of 10 . As a
and consistently cash flow positive result we believe the stock should be trading at
$6.30+ a year from now.
 20% capacity expansion by end of 2010
China Growth Partners is investing 50% of our
 Expanding sales and distribution network fee in NUIN shares in the open market for a 12
month minimum hold.
25

26. Summary & Price Target
NUIN Closing Price Chart China Growth Partners believes
$6.00
markets are often inefficient and may
$5.00 persistently misprice securities for
$4.00 long periods of time, but that
$3.00 protection against this can be found
$2.00 in growth. As a company grows the
$1.00 value increases, and eventually the
$0.00 market price will increase to reflect
1/20/2010 2/20/2010 3/20/2010 4/20/2010 5/20/2010
that value.
Closing Price
While based on our research and the information in this presentation China Growth Partners believes Nutrastar International’s current share
price to be undervalued and assigns a 12 month share price target of $6.30/share, no assurances can be made that our price target will be
met. Potential risks and uncertainties include, but are not limited to, such factors as unanticipated changes in product demand, interruptions
in the supply, downturns in the Chinese economy, changes in applicable laws and/or regulations, and other information detailed from time to
time in the Company's filings and future filings with the United States Securities and Exchange Commission.
26

27. Contacts
Corporate Address
7/F Jinhua Mansion
41 Hanguang Street
Nangang District, Harbin, 150080
Peoples Republic of China
Phone: (86) 451-82287746
Web site: http://www.syxny.net
Investor Relations
Howard Gostfrand
American Capital Ventures
Phone: (305) 918-7000
Email: info@amcapventures.com
27